Extrapolate Advisors Pvt Ltd, which runs AI-backed location intelligence data platform Data Sutram, on Wednesday said it has secured funding of $2.07 million (around Rs 15 crore) led by Varanium Capital and Yatra Angel Network.
The round also included participation from DMI Finance’s Sparkle Fund, White Ventures, Seeders LLP, angel investors from the banking and financial services domain, and existing investors IIFL Fintech Fund and Indian Angel Network.
The Kolkata-based company plans to use the fundraise to expand its footprint to South East Asia and Middle East and further back new data sources.
Founded in 2018 by Jadavpur University alumni Rajit Bhattacharya, Aisik Paul and Ankit Das, Data Sutram claims to offer sector-focused data packages that help companies acquire customers, understand the credit risk at an address level, open ATMs, branches, stores, plan resources, do competitor benchmarking and enhance their overall growth strategy.
“Today, India is home to the fastest-growing data science communities, however, the challenge here is- without the right data, all these AI and ML models are going to be ‘garbage-in and garbage-out. With Data Sutram, the idea is to create actionable data that people can act on and take decisions that give an incremental lift to business operations," said Bhattacharya.
Last year in October, Data Sutram raised an undisclosed amount from 100xVC, Indian Angel Network, and IIFL Fintech Fund.